Rivian, which is expected to deliver its debut EV this year, announced it has added $2.65 billion to its war chest. The company has attracted $8 billion in investment since 2019.
The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. and included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, “as well as several other existing and new investors,” Rivian said in a release.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles,” Rivian Founder and CEO RJ Scaringe said in a release. “The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”
Rivian said in November that the Launch Edition of its R1T pickup and R1S sport utility vehicle is sold out. Customers with preorders were given early access to the configurator on November 16. And preorders were strong enough to make the first batch of Rivians unavailable ahead of a general release.
The company said the Launch Edition of R1T pickup will cost $75,000 and the R1S SUV will be priced at $77,500. Both versions will have more than 300 miles of range on a single charge.